News

Croatan Investments Purchases 400-Unit Apartment Community in Norfolk, Virginia
January 19, 2019

Croatan Investments purchased Park Crescent Apartments from Gumenick Properties. Located in Norfolk, Virginia, the 400-unit community was built in two phases.  The first phase of 288 units was originally constructed in 1991 by Gumenick and has mostly original interior finishes. The second phase of 112 units includes new Class A amenities featuring a resort-style saltwater pool, clubhouse, and a large fitness center constructed in 2012. Croatan intends to perform a value-add renovation to phase one unit interiors.

Centrally located in Virginia’s second-largest city, Park Crescent is in close proximity to I-64, Norfolk International Airport, and Naval Station Norfolk, the world’s largest Naval Base. The immediate submarket has experienced significant growth with the recently completed development of Simon Premium Outlets, a 332,000 sf shopping complex, and the construction of a 331,000 sf IKEA with an expected delivery date in Spring 2019.

Hank Hankins and Victoria Pickett of Colliers International and Jonathan Greenberg of CBRE Washington, D.C. represented the Seller in the transaction.

About Croatan Investments

Croatan Investments is a private equity real estate manager that is focused on multifamily investments.  For over 16 years, we have had a passion for uncovering new opportunities with excellent intrinsic value and the goal of preserving the trust of our investors.

With a seasoned team of real estate professionals, Croatan combines proven multifamily investment and asset management experience with deep market knowledge to opportunistically invest across each stage of the market cycle.

Croatan is headquartered in Virginia Beach with team members located in Atlanta, Austin, Dallas, New York City, Washington DC, and Singapore.  Croatan’s geographic focus includes primary and secondary markets with strong economic and housing demand drivers throughout the Mid-Atlantic and Sun Belt regions.

Croatan Investments is proud to be a certified minority-owned company.

For more information about Croatan Investments, please visit www.croatan.com.